Corn for ethanol, soybean crush both up sharply on month
The USDA says corn for ethanol use during October was 448.895 million bushels. That was up 17% from September because of increased availability of corn after harvest and some plants resuming normal or near-normal production levels following seasonal maintenance. Still, that was down 4% on the year with some uncertainties about demand due to relatively high gasoline prices and the possibility of a rail strike, which would have a drastic impact on movement.
Production of distillers dried grains with solubles was 1,745,419 tons, a gain of 8% on the month, but a loss of 10% on the year.
The October soybean crush was 197 million bushels, 29 million more than the previous month, also benefitting from increased post-harvest availability, while holding steady with last year. Soybean meal and oil stocks at the end of October were below year ago levels.
The USDA’s next set of supply and demand estimates is out December 9th.